As the real estate market constantly changes, so does the lending industry. The lending industry and housing departments needs to keep up with the housing market to ensure the housing market flourishes. Right now in Phoenix, AZ the housing market is favoring the buyers, aka “buyers market”. What that means is that there are substantially more houses for sale than there are buyers to purchase them. In an effort to promote home ownership there are grants available to help cover down payment and closing costs for the buyer.
There are several programs available throughout the Phoenix Valley that offer up to 5% of the purchase price of the home that can be applied towards closing costs or your down payment. These are grant programs, which means there is no repayment needed! In order to obtain the grant you must take a short home ownership class, you must be purchasing your primary residence, have fair credit and make less than the income limitation.
To make things even better, I may be able to get your closing costs paid for by the seller, which means more of the grant can go towards your down payment! When the housing market favors buyers, many sellers are willing to contribute towards the buyers closing costs in an effort to make a deal. Also, sellers are more willing to repair more items from the inspection report to make the deal close so there is less money ended to go towards repairs upon move-in.
If you would like more information on any of these programs, or about real estate in general, please contact me!
Barry Home Pro
Making your home my #1 priority!